Jay talked about the elimination about the stretch IRA.  He reminded you to talk to your financial advisor if you should still be donating or not to this. I have no idea what a stretch IRA is so good question to ask! Jay then talked about the fascinating Game Stop situation that happened over the last week.

 

Matt touched on PPP loans. This Paycheck Protection Program was also put out in March to funnel money to businesses and keep people employed and if the money was used for employees or rent the money was forgiven. Businesses had to go through an application program. This program has been changed several times. PPP round 2 came out the end of Dec and just a couple of weeks ago the applications came out and they are open until March.  This round has a need aspect attached to it. Forgiveness should work the same way.

 

Employee retention credit is also available if you didn't take advantage of the PPP, but then the Feds changed their mind and said that you could do both.  To be eligible, you could take a credit of up to10% of $50,000 paid to an employee for each employee BUT you had to have a gross receipt drop of 50% in a quarter or a mandated close. This is getting complicated but talk to your CPA if you have questions.